If you’re creating a trust when handling your estate affairs, you will need to choose responsible successor trustees. Take a look at the following information, for 4 tips which make selecting a trustee a breeze. If you have any questions, or if you’d like to discuss your trustee’s duties, contact an estate planning attorney.
Should you consider appointing a family member? It is very common to choose a family member to serve as your successor trustee. Professional trustees are only appointed for the extremely wealthy and when there is no appropriate family member or friend to serve. Consider how the rest of your family would feel about your decision; it’s wise to explain your choices so family members hear your reasoning and can ask questions, this will minimize disagreements.
Should you hire a trustee? Some people find that it’s best to hire a professional trustee, rather than appointing a friend or family member. This can help to ensure that your affairs are handled professionally and with care, without bias. This is a good choice if family members cannot communicate effectively and get along.
Should you appoint co-trustees? Co-trustees, in most cases, are not the best choice. Some people want to name all three kids to avoid hurt feelings. This is a logistical nightmare. All three trustees will have to agree on all decisions and sign all papers, unless your trust agreement provides otherwise. Make sure that if you choose this option, both trustees are able to communicate effectively.
Will your trustee agree to serve? It’s important that you communicate your decisions with your chosen trustee. You need to make sure that your potential trustee is willing and able to handle the responsibilities that go along with the job. You shouldn’t surprise someone.
If you’re having trouble choosing a trustee, you may consider talking your wishes through with family members and an estate planning attorney.